Blockchain in Business Intelligence

Within the context of data and business intelligence storage, blockchain can be used to drastically improve security and decrease dependency on central entities. Since the digitization of business processes nearly two decades ago, most enterprises have come to rely on remote databases and the interconnected devices in order to properly function on a daily basis.

Most modern businesses choose mainstream cloud services offered by giants such as Amazon or Google to store and easily access their data and valuable business intelligence, giving away much of their privacy and key business information. Doing so can be costly and many major service providers such as Dropbox remain vulnerable to outside attacks.

By introducing blockchain business intelligence, companies can benefit from reliable databases on decentralized, encrypted and non-editable ledgers, embracing the full potential of the technology in order to streamline and secure their data storage. The consensus required for modification of the blockchain code as well as the ledger’s distribution only serve to add to the safety and inviolability of the data stored on it. Integrating blockchain technology for cloud computing will help enterprises maintain their competitive advantage by protecting valuable business intelligence, while encrypted nature of the blockchain can be used to protect networks of interconnected devices from external interference.

In this chapter, we have investigated how technological benefits of blockchain can be utilized in many aspects of everyday business to streamline processes, cut costs, as well as reduce the risk of fraud and outside tampering. Any area of the contemporary way of doing business, whether be it outward facing marketing or internal organizational department, can find some aspect of this nascent technology advantageous. The arrival of the blockchain technology may initially be seen as disruptive and almost threatening to many traditional aspects of contemporary business practices, however, implementing this technology can only serve to boost business performance, rewarding early adopters as revolutionaries in their own fields.

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